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  • Tuesday, June, 2021| Today's Market | Current Time: 09:11:35
  • Dogecoin on Coinbase – What does this listing mean for DOGE?

    Published on June 8, 2021

    Created as a joke, Dogecoin has become increasingly popular in recent months. A few days back, the leading crypto exchange in the US, Coinbase, announced that its clients would be able to start trading DOGE on their platform.

    Soon after the announcement, the price of Dogecoin increased by as much as 25 percent. According to Coinbase, on last Wednesday night, the price of DOGE reached 42 cents. The crypto exchange announced its decision to add DOGE to its platform by saying that one of the biggest requests that they receive from clients is to be able to trade more assets.

    The company also added that for now, Dogecoin would only be available for Coinbase Pro users and it is not listed for the Coinbase.com site or mobile apps. The company claims that an additional announcement will be made regarding DOGE’s wider availability.

    The past months were very interesting for Dogecoin. The cryptocurrency was very volatile, much like other cryptos like bitcoin, Ethereum, and others. A peak price of 74 cents was registered on May 8, after the statements of Tesla CEO Elon Musk, who is a huge Dogecoin fan.

    Special rewards for Dogecoin traders

    In addition to listing Dogecoin to its platform, Coinbase also announced a special giveaway. According to the statement, everyone who bought or sold $100 in Dogecoin on the platform by 06.10.2021 will have a chance to win special prizes.

    One winner will receive $300,000 in DOGE, 10 winners will receive $30,000 in DOGE, and 6,000 winners will receive $100 in DOGE by June 17. Following the announcement, Elon Musk tweeted “nice”, which further supported the Dogecoin, sending it up again.

    In total, Coinbase plans to give away $1.2 million worth of prizes in Dogecoin. The company has as many as 56 million verified users and is among the most popular crypto exchanges globally.

    What does the listing mean for Dogecoin?

    Following the announcement of Coinbase, the price of Dogecoin increased by over 25 percent. The tweet from Elon Musk further supported the DOGE rally. This year only, the price of this cryptocurrency has increased almost 8000 percent.

    The increase in Dogecoin price is a lot more than the increase of Bitcoin, which has gained 30% this year. Another very famous crypto, Ether, increased by 260 percent in 2021. The announcement is a huge leap forward for Dogecoin.

    After the announcement of Coinbase, the market cap of Dogecoin increased to $54 billion, which makes it the sixth-largest cryptocurrency by market value. Many experts say that the Coinbase listing is another positive sign for the community. Initially starting out as a joke, the track record of the cryptocurrency has earned it a place among the most popular digital currencies globally.

    Leading crypto exchange in the US

    Being listed by the leading crypto exchange such as Coinbase does mean a lot for DOGE. More specifically, for the community that supports Dogecoin. In recent years, Coinbase has become a leading mainstream cryptocurrency exchange in the United States and offers traders access to numerous cryptocurrencies.

    The list of the available cryptocurrencies has expanded recently, and as of now, it offers cryptos like Ethereum, Litecoin, Bitcoin, Dogecoin, and many others. Because of the popularity of Coinbase, the adoption of Dogecoin on its platform is a significant thing.

    There are numerous tools available for Coinbase specifically created for making trading easier. Among them are bots, which are used by traders to determine the market sentiment, as well as the possible direction the prices could take. These bots are analyzing the market data and the historical price movements to help traders predict the possible direction of the market.

    There are numerous developers that create bots for different types of exchanges. For instance, one of the most reputable companies that offer trading bot for Coinbase is Bitsgap. This company has created cutting-edge bots that analyze the market data, for example, historical price movements, and help traders build automated trading strategies.

    Most popular crypto bots in the market are designed to automate the trading process. These bots can look for important market data, interpret it, and calculate the potential risks in the market. In addition, they can also execute orders on your behalf.

    Bots in crypto trading are useful for a number of reasons. While analyzing the market and researching on your own can take a lot of time, bots are doing this in just a few seconds, which is making crypto trading a lot simpler.

    DOGE performance & high volatility

    Initially, Dogecoin was created as a parody of crypto back in 2013. However, it has recently become one of the leading cryptos in terms of market cap. At the beginning of 2021, the price of one Dogecoin was $0.0054. However, during its peak in May, the price of one DOGE was over $0.74.

    The recent adoption of Coinbase is a huge thing for Dogecoin, but more importantly, for the community around it. While the technology behind Dogecoin has not changed much, the community of crypto has increased drastically over the past year. Many experts are saying that crypto is currently in the mainstream, and what’s more, some claim that we might even see more adoption and interest from retail traders in the coming months.

    On a larger scale, the adoption of Dogecoin on one of the leading crypto exchanges in the USA can be seen as a sign that cryptocurrencies with large communities simply cannot be ignored anymore. The decision shows that even if the coin was created initially as a joke, with enough demand and a strong community, it can transform into something a lot bigger.